Gansu Province-based Chinese steel producer Hongxing Steel, a listed subsidiary of Gansu-based steelmaker Jiuquan Iron and Steel Group (JISCO), has announced that it expects to register a net profit of RMB 227 million ($33.98 million) for the first half of the current year, compared to the net loss of RMB 1.534 billion ($0.23 billion) recorded in the same period last year.
JISCO Hongxing Steel stated that it expects to shift to a net profit in the period in question due to improvements in the company’s management and product structure and also due to the rising trend of domestic finished steel prices.